Let on a 20 year lease until 2036 to Jackson & Rye Restaurants Limited, guaranteed by Cote Restaurants Limited (no breaks)
Prominent Town Centre Location in affluent Surrey location High Street Car Park located to the rear
Nearby occupiers include CAU, Pizza Express, Giraffe and Zizzi
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 20
Auction 30th March 2017
Rent £130,000 per Annum Exclusive
Status Sold
Price £2,450,000
Sector Restaurant
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Barts Charity
Property Information
Location
Miles
6 miles south of Woking, 30 miles south-west of London
Roads
A3001, A25 & A3
Rail
London Road Rail & Guildford Rail
Air
London Gatwick & London Heathrow Airport
Situation
Guildford is a popular London commuter town in the affluent county of Surrey. The property is
prominently situated on the northern side of the High Street, in a predominantly leisure dominated pitch around a three minute walk from the pedestrianised High Street thoroughfare. To the rear of the property is the High Street car park, which provides parking for approximately 49 cars. Nearby occupiers include CAU, Pizza Express, Giraffe and Zizzi, with G Live Entertainment Centre and the 4* luxury Guildford Harbour Hotel also located nearby.
Tenure
Freehold.
Location
Miles
6 miles south of Woking, 30 miles south-west of London
Roads
A3001, A25 & A3
Rail
London Road Rail & Guildford Rail
Air
London Gatwick & London Heathrow Airport
Situation
Guildford is a popular London commuter town in the affluent county of Surrey. The property is
prominently situated on the northern side of the High Street, in a predominantly leisure dominated pitch around a three minute walk from the pedestrianised High Street thoroughfare. To the rear of the property is the High Street car park, which provides parking for approximately 49 cars. Nearby occupiers include CAU, Pizza Express, Giraffe and Zizzi, with G Live Entertainment Centre and the 4* luxury Guildford Harbour Hotel also located nearby.
Tenure
Freehold.
Description
The property comprises a three storey building with restaurant accommodation on the ground and first floors and ancillary, office and plant accommodation on the second floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a three storey building with restaurant accommodation on the ground and first floors and ancillary, office and plant accommodation on the second floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First Second
Restaurant (A3) Restaurant (A3) Ancillary/Plant
225.7 sq m 197.4 sq m 178.9 sq m
(2,429 sq ft) (2,125 sq ft ) (1,926 sq ft)
JACKSON & RYE RESTAURANTS LIMITED (1) GUARANTEED BY COTE RESTAURANTS LIMITED (2)
20 years from 30/08/2016 until 29/08/2036 on a full repairing and insuring lease
£130,000 (3)
30/08/2021 and five yearly
Total
602 sq m
(6,480 sq ft)
£130,000 (3)
(1) Jackson & Rye first opened its doors in Soho in 2013 providing home cooked American style food, and now has another 4 restaurants across London. Jackson and Rye are a subsidiary of Cote Restaurants Group Holdings Limited. (2) For the year ending 2nd August 2015, Cote Restaurants Limited reported a turnover of £108,052,072, pre-tax profits of £14,122,648 and a total net worth of £37,897,437 (Source: Experian Group 08/02/2017). (3) For the purposes of clarification, Jackson & Rye Restaurants Limited is currently benefitting from a rent free period due to expire on 28/02/2018. The seller has agreed to adjust the completion monies so that the unit will effectively produce £130,000 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Taylor Wessing LLP 5 New Street Square London EC4A 3TW
